Cummings has developed a reputation as one of the finest talents in Scotland, and he has scored freely this season.
The 20-year-old has netted 16 goals in 24 appearances for Hibs, making him one of the most in form strikers in Britain.
Although Cummings has never played in the Football League before, Derby and Forest both believe he could have the potential to score in the Championship.
Derby already have a wealth of attacking options, but they feel that Cummings could enhance their forward line in the future.
Forest, meanwhile, have struggled to find a prolific striker throughout this season - and Cummings could go straight into their first team.
If Forest or Derby do make a move for Cummings in January, they could face competition from Wolverhampton Wanderers, who are also credited with an interest.